I saw this today. I liked it but was still largely underwhelmed.
Lots of issues with this. I haven't seen the stage show but the novel is one of my all-time favorites.
Point one, Les Mis should bring tears to people's eyes. And it never did for me. Not once. (I don't say I am a soft-guy but I am not that hard as well! )
Point two, I can appreciate the musical-approach but I do not think that singing each and every diaolgue fits the story well. Why not say the plot-point dialogues traditionally (at least some of it) and sing the rest, ala, Sound of Music? I think it would atleast be more emotionally resonant.
Thirdly, I loved Anne's voice and acting. I loved Marius' voice as well as the actress playing Eponine. I loved the little Cosette and Gavroche too. (how come a little French boy has a Cockney accent?) But that's it. I didn't feel for any other character. Not even Valjean. (I thought Jackman's singing was the most mediocre among those who sang). I loved the songs by Crowe, as they had a certain energy and often broke the monotonous slow-singing by the rest of the cast. But Crowe himself didn't suit the role at all.
Fourth, Bonham Carter's make-up!

WHAT THE HELL WAS THAT???
Fifth, I don't think I was moved by any of the scenes except Enjorlas and Gavroche's deaths. But Valjean's came close. I expected Javert's death to be heart-wrenching, but it just wasn't. And I feel it was mostly the director's fault. (actually, most of the films flaws are, imo, directorial flaws)
Sixth, favorite song? "Red, the Colour of dawn". I actually loved all the chorus and group songs. But I was left cold by the individual songs, especially Jackman's.
And lastly, the most annoying aspect of the film was the shaky-cams and close-ups!
All in all, at times it really came close to the spirit of the book, but the scenes where it mattered the most (i.e. Javert's suicide or Valjean's repentance at the start) it sank and sank deep.
Overall Score: 5/10
ETA: I wonder how many here have seen the 1999 adaptation of Les Mis with Liam Neeson and Geoffrey Rush? I saw it a couple of years ago and remember being mesmerized by it. Aside from being very true to the tone, Geoffrey Rush has to be the best Javert ever!